Question 1

Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?

Accepted Answer

A)  The marketing plan 
B)  The financing plan 
C)  The production plan 
D)  The facilities plan A

Question 2

Why do marketers in most industries have difficulty making estimates and predictions beyond five years?

Accepted Answer

A)  The elected members hold the office for five years which stabilizes political and legal environment only for five years. 
B)  There are many uncertainties in the marketplace. 
C)  The margin for error in long-term forecasting is very small. 
D)  The cost involved limits predictions beyond five years. B

Question 3

A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.

Accepted Answer

A) True 
 B)False  True

Question 4

A firm's goals should be specific and measurable.

Accepted Answer

A) True 
 B)False

Question 5

Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.

Accepted Answer

A) True 
 B)False

Question 6

A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n):

Accepted Answer

A)  exit strategy. 
B)  pricing strategy. 
C)  distribution strategy. 
D)  promotion strategy.

Question 7

Which of the following focuses on the environment in which the marketing plan is to be implemented?

Accepted Answer

A)  Production plan 
B)  Competitive analysis 
C)  Mission statement 
D)  Executive summary

Question 8

Every marketing plan requires a budget,a time schedule for implementation,and a system for monitoring the plan's success or failure.

Accepted Answer

A) True 
 B)False

Question 9

An exit strategy is a plan for a firm to leave the market.

Accepted Answer

A) True 
 B)False

Question 10

The mission statement puts into words an organization's overall purpose and reason for being.

Accepted Answer

A) True 
 B)False

Question 11

A marketing plan is not reevaluated once it is completely implemented.

Accepted Answer

A) True 
 B)False

Question 12

The need for a business plan is more acutely felt in a small company than in a large multinational company.

Accepted Answer

A) True 
 B)False

Question 13

What are the reasons a company should develop a marketing plan?

Accepted Answer

The answer of What are the reasons a company should...

Question 14

Describe the different components of a business plan.

Accepted Answer

The answer of Describe the different components of a business...

Question 15

The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?

Accepted Answer

A)  Business portfolio analysis 
B)  Breakeven analysis 
C)  SWOT analysis 
D)  Marginal analysis

Question 17

Which of the following components of the marketing mix focuses on deciding the goods and services a firm should offer in order to meet the needs of its customers?

Accepted Answer

A)  Product strategy 
B)  Distribution strategy 
C)  Promotional strategy 
D)  Pricing strategy

Question 18

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.

Accepted Answer

A) True 
 B)False

Exam 21: Developing an Effective Marketing Plan

Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?

Why do marketers in most industries have difficulty making estimates and predictions beyond five years?

A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.

A firm's goals should be specific and measurable.

Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.

A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n) :

Which of the following focuses on the environment in which the marketing plan is to be implemented?

Every marketing plan requires a budget,a time schedule for implementation,and a system for monitoring the plan's success or failure.

An exit strategy is a plan for a firm to leave the market.

The mission statement puts into words an organization's overall purpose and reason for being.

A marketing plan is not reevaluated once it is completely implemented.

The need for a business plan is more acutely felt in a small company than in a large multinational company.

What are the reasons a company should develop a marketing plan?

Describe the different components of a business plan.

The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.

Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?

Which of the following components of the marketing mix focuses on deciding the goods and services a firm should offer in order to meet the needs of its customers?

A firm's marketers must write a marketing plan before formulating an overall marketing strategy.